Australian luxury retailer Cettire valued at $190.6 million on ASX debut
Australian luxury retailer Cettire has listed on the Australian Securities Exchange today, in a move that gives the business a market capitalisation of $190.6 million.
The listing follows an IPO that raised $65 million for the high-end online fashion business at 50c per share.
According to founder and chief executive Dean Mintz, the IPO marks a major milestone for the business, which was founded in 2017.
“I’d like to thank the entire Cettire team for their dedication, commitment and hard work that has enabled not only this successful IPO, but also the continued strong growth of the business,” Mintz said.
“I welcome our new shareholders and look forward to delivering on the potential we see for the business and growing shareholder value.”
It was speculated by the AFR that following the IPO Mintz would retain 66 per cent of the company, while investors would own the remaining 34 per cent.
The business also said it saw gross profit growth of 432 per cent in November compared to the year prior, and year-to-date sales growth of 471 per cent to $32.4 million. Based on these figures, the business has already achieved 46 per cent of its full year revenue projections.